Ethereum prices pierced through April 2024 lows yesterday before stabilizing. However, the trend remains southward, and sellers have the upper hand. So far, ETH is trading below the psychological $3,000 level and within the bear formation set in motion in mid-April. Even with the community expecting a recovery, weakness, especially in Bitcoin, is heaping more pressure on ETH and altcoins. Accordingly, the coin will likely drop, registering new Q2 2024 lows in future sessions.

At press time, ETH is down 3% on the last day and 9% on the previous week. Participation is low, falling by roughly 6% on the last day. Even though there is optimism, expanding volumes and dropping prices all combine to fuel the drop. Accordingly, unless a refreshing bounce pushes ETH above $3,000, the odds of the coin slipping past $2,600 remain elevated.

Traders should watch the following Ethereum news events:

• There are now over 1.8 million Ethereum validators, pointing to the level of decentralization. The network only requires users to stake 32 ETH and meet validator requirements for a chance to win block rewards. 
• Rep. Patrick McHenry thinks Gary Gensler, the chair of the United States SEC, has been misleading Congress on the status of ETH. Recent court filings show that Gensler has considered ETH a security for the last year.

Ethereum Price Analysis

ETH/USD is under pressure, trading close to April 2024 after recovering from yesterday’s low.

Technically, Ethereum sellers have the upper hand.

Accordingly, traders can look for sells on every attempt toward $3,000.

Any dip below the May 1 low may accelerate the sell-off, pushing the coin to $2,600. There are even higher odds of ETH crashing to $2,200 if selling pressure persists.

Conversely, the Ethereum price chart shows that fortunes will change should prices rocket above $3,300. This formation will cancel out sellers of April 30 and May 1.